What is Total Existing Debt Being Satisfied?

Total Existing Debt Being Satisfied is applicable when Use one field to determine Down Payment/Funds from Borrower, Funds for Borrower, and Closing Costs Financed (Paid from your Loan Amount) is not selected in your calculation policy from Administration.

Total Existing Debt Being Satisfied is used to determine the Down Payment/Funds from Borrower and Funds for Borrower, as applicable.

You need to separately complete the Payments to 3rd Parties Not Disclosed in Total Closing Costs that also represents the total amount of third party charges that are not disclosed as costs on the Loan Estimate and is used to determine Closing Costs Financed (Paid from your Loan Amount).

In the application phase for non-construction purchase transactions, the Sales Price should be entered in the Total Existing Debt Being Satisfied on the Calculations page.

In the application phase for construction purchase or non-purchase transactions, or when the Loan Amount exceeds the Sales Price, the Total Existing Debt Being Satisfied should include the Sale Price of Property, Adjustments and the other consumer charges that might be disclosed in the Summaries of Transaction, in particular on Line K.04 of the Closing Disclosure document.

Any other disbursements not being considered for the Down Payment/Funds from Borrower and Funds for Borrower are entered on the Calculations page as Adjustments.

The amounts entered in the application phase do not default to any page when the transaction is switched to the closing phase.

In the closing phase, any additional disbursements being considered for the Down Payment/Funds from Borrower and Funds for Borrower are entered on the Closing Disclosure page as Adjustments with Existing Debts Being Satisfied selected, with the exception of the Sales Price. Any other disbursements not being considered for the Down Payment/Funds from Borrower and Funds for Borrower are entered as Adjustments with Existing Debts Being Satisfied unselected and are reflected in the Adjustments and Other Credits row of the Cash to Close table of the Closing Disclosure document.